How to set up Sub Accounts in QuickBooks

Learn how to set up Sub Accounts in QuickBooks.
Are you ready to learn how to set up your Sub Accounts in QuickBooks?
Remember your Chart of Accounts reflects directly on your reports.
Think about what you want to see in order to manage and grow your business. 😊
Remember your Chart of Accounts reflects directly on your reports. Think about what you want to see, to manage and grow your business.
Curious about "merging accounts" canduskampfer.com/how-to-merg...
➡️ Remember: Chart of Accounts & Reports are Linked Together
Go up to “Lists”
“Chart of Accounts”
Go down to “Account”
You can…
New
Edit Account
Delete Account
Make Account Inactive
**It has to be the same type to make it a subcategory of the main category
➡️ Creating Sub Account
Go up to “Lists”
“Chart of Accounts”
Go down to “Account”
“New”
Choose type of category
Click “Continue”
“Account Name”
Checkmark “Subaccount of” **If it’s a subcategory
Choose your main category
Click “Save & Close”
Timestamps:
0:00 - Intro
0:18 - Reports & Chart of Accounts
1:35 - Dash other explained
2:55 - Benefit of creating subaccounts
3:52 - How Chart of Accounts work?
5:16 - Adding new category
8:35 - Final Thoughts
Need to learn more areas of QuickBooks? Join us on our next workshop to learn how to design QuickBooks for your specific business...
➡️ CandusKampfer.com/workshop
Receive our QB tips straight to your inbox each week visit:
➡️ CandusKampfer.com/tips
Subscribe here for more QuickBooks tips
➡️ kzbin.info...
I’d love to connect with you 👇
Instagram: / candus.kampfer
Facebook: / canduskampfer
CandusKampfer.com: canduskampfer.com/
TikTok: / canduskampfer
Pinterest: / canduskampfer
#CandusKampfer

[@aliafshar3557]

You are teaching very good and user friendly

[@CandusKampfer]

Yay! Glad it helped you Ali :) Elaine - Team Candus

[@courtneyholden3423]

Hi Candus! Thanks for the helpful video! Do you have a video on adding an independent contractor in and marking them for a 1099?

[@CandusKampfer]

Courtney, Here's are a few videos from my blog on 1099's: canduskampfer.com/?s=1099 I teach this more in-depth in Confidence with QuickBooks. If you are looking for a training program to find out more about QuickBooks you can find out all the details at ConfidencewithQuickBooks.com/ Have a great day! Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer TikTok: www.tiktok.com/@canduskampfer

[@lisalupetaliaami8721]

Hi Candus! Great video. When I try to add the sub category (shown around the 6 minute mark) the option for "subcategory of" is greyed out. Any idea how to fix that?

[@fawmemohamed3284]

Hi Candus. Thank you so much for all the informative videos. I would like to know how to change the transactions unclassified thus far into a particular class in one go instead of doing it entry by entry. Thanks in advance

[@CandusKampfer]

Fawme, Yes, you can do it one transaction at a time or if you have an accountants version you can adjust batches. Candus

[@fawmemohamed3284]

@@CandusKampfer Many thanks take care God bless

[@kevinhennessee]

very helpful. How do you change which bank account the deposit goes to once you add the new bank account?

[@CandusKampfer]

Hi Kevin, We typically don't recommend adding bank accounts as sub-accounts. If you'd like additional support with your QuickBooks, make sure to check out our Customizing QuickBooks workshop: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@robwin0072]

Candus, how would you set up QuickBooks for Parent LLC (with a bank account), DBA-1(with a bank account), and DBA-2 (with a bank account)? Would this be one QB Company File? If so, can reports be filtered by separate bank accounts, e.g., for the Parent LLC, separate from DBA-1 bank account, and reports by DBA-2 bank account? With commingling and without commingling? Or, will each DBA be a separate QB Company file?

[@CandusKampfer]

Hi Robin, Thank you for watching our videos! Here is a video that should help you: kzbin.info/www/bejne/hpzUmI2lgN-NjsU If you're looking for more QuickBooks Confidence and training, I recommend attending her special Live workshop starting Sep 14th! Here is the link to register to attend: canduskampfer.com/workshop Have a great day! McKenzie Team Candus P.S. We’d love to connect with you! Find us on ↓ Instagram: instagram.com/candus.kampfer Facebook: facebook.com/CandusKampfer

[@Mymusicfmw33]

I have a company credit card with 4 sub accounts. The statement is paid monthly in total. Should I import each account separately- the primary and each sub account?

[@CandusKampfer]

Thank you for watching the video! Due to the large volume of questions and emails we receive daily, Candus isn’t able to respond to all of them any longer. If you are just starting out with QuickBooks or feeling overwhelmed and need help, register to join her next workshop here: canduskampfer.com/getting-started/ Have an amazing day! Elaine Team Candus

[@yessicaflores1540]

Hello, I would like to know how i can set up a sub account to my liability with an expenses. I'm trying to add the car payment to my budgets list but i do not want to mess up my liability from decreasing. how can i create an account where my payment can go to my liability and for it to show in my expense budget? Thank you so much

[@CandusKampfer]

Yay! Great to hear that you love Candus' videos, Yessica 😊 We will add your question to our list. Candus uses the list to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. *canduskampfer.com/tips* Have an amazing day! Elaine -Team Candus P.S. If you would like to follow her, click the links below ↓ *Instagram:* instagram.com/candus.kampfer *Facebook:* facebook.com/CandusKampfer/

[@user-gx3vm6ch1o]

Hi Candus, thanks for this video. My question is can I use both classes and sub accounts together? I have a company called ABC, Inc. that owns the 3 stores and I want to track revenue and expenses separately for each store so I know if a store is profitable or not. Therefore I will use classes to identify each store: Store1, Store2, Store3. Then on my financials I can run a P&L by class report to know if a store is profitable. I also want to roll up all 3 stores to the company level as a whole for an overview to see if the company ABC, Inc. is profitable. To do this I would need to use sub accounts. So is it possible to have 3 revenue accounts each with a separate class that roll up to a single parent revenue account which would be the company level revenue account? Do I need to do anything special for this? Thx.

[@CandusKampfer]

Hi, Thanks for reaching out. Yes, that's a great way to use classes. Remember to keep you chart of accounts simplified. You most likely won't need an overall class for total because the P&L will automatically total. If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop Have a great day, Samantha, Team Candus

[@celbornagain141]

What I would like to do is have subaccounts under savings, for money that is specifically earmarked for specific things later on down the road. How can I do that?

[@CandusKampfer]

Hi Caroline, Thank you for reaching out to us. I just added your question to our list. Candus uses the questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips. If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/ Have an amazing day! Elaine -Team Candus

[@riskrisk5853]

i noticed that the chart of accounts is reformatted every time it is utilized. Can we fix the view of the "chart of accounts"?

[@CandusKampfer]

Hi, Thank you for your question, I've added it to our list. Candus uses the list to create future tips and trick. If you like the way she teaches you can join her Getting Started with QuickBooks workshop, here is the link to save your seat: canduskampfer.com/getting-started/ Thank you for being part of Candus' community! Elaine - Team Candus

[@leehuiling7222]

can you just make an account and subaccount? it is confusing

[@CandusKampfer]

Hi, Thanks for reaching out. You always have to have a main account to have a subaccount. So if you want a subaccount, make sure you have a main account first. If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. You can learn more here: ConfidencewithQuickBooks.com Have a great day, Samantha, Team Candus

[@leehuiling7222]

Thank you!